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First, I’d make sure the rating was justified based on poor performance and not some arbitrary methodology.
Second, I’d ensure we clearly communicated how his performance was deficient and outlined concrete steps he could take to improve.
Third, once the first two were done I’d have a serious come to Jesus talk about how his changed behavior is inappropriate and needs to be fixed yesterday or we’ll be having a very different conversation.
Finally, check in ~2-3 weeks later. If you haven’t seen marked improvement I’d fire him.
Have a very frank conversation with them, ensure that they have very clear and actionable feedback (sometime that is that a line has to be drawn in the ranking of people in the Capability and they were below it) and offer them support.
Make it very clear that insubordination isn't okay and they should probably reflect on their position in the company if they don't feel there is sufficient progression at PA (we don't have infinite capacity to progress everyone at the pace they want, no firm does) and wish them the best in a supportive manner.